HONG KONG—HSBC Holdings PLC said Wednesday that it has agreed to sell its general-insurance businesses in Hong Kong, Singapore, Argentina and Mexico to AXA Group and Australia's QBE Insurance Group Ltd. in separate deals valued at about $914 million in cash.

The move is part of HSBC's efforts to diversify away from noncore businesses, while focusing on its core banking operations. Last year, the company said it would sell its global general insurance operations as part of cost-cutting efforts. The deals, which are subject...